RANKING & REVIEWS
TOP RANKING CREDIT UNIONS & BANKS IN MEMPHIS, TENNESSEE
Banking with a Smile: Top 6 Credit Unions & Banks in Memphis with Great Customer Service (& 1 to Avoid)
Memphis may be the youngest of all the major cities in Tennessee, but it’s definitely caught up in popularity over the years. It’s the second largest city in the state and is famous for blues, soul, and rock ‘n’ roll, as well as artists like Elvis Presley, B.B. King, and Johnny Cash who all recorded here.
If you’re walking in Memphis looking for the best place to bank that’s going to treat you right, then we’ve got some great choices. We’ve look through several credit unions and banks in Memphis, Tennessee to bring you the cream of the crop.
Award Emblem: Top 6 Best Credit Unions & Best Banks in Memphis, TN
One thing we noticed right away is that there are plenty of local Memphis banks and credit unions to do business with. We nearly always end up with at least one of the big banks in our ranking and reviews, but in Memphis, there were plenty of local financial institutions to take the top 6 spots on our list.
In this review, we’re going to go through 5 facts you should know about a bank or credit union in Memphis, Tennessee (or anywhere). We’ll also reveal at the end the one Memphis credit union or bank you’ll want to steer clear of for the time being.
Top 6 Best Credit Unions & Best Banks in Memphis, TN (& 1 to Avoid) | Brief Comparison & Ranking
| Top Memphis Credit Union or Bank | Ratings |
| First South Financial Credit Union | 5 |
| First Tennessee Bank | 5 |
| Orion Federal Credit Union | 5 |
| Renasant Bank | 5 |
| Bank of Bartlett | 3 |
| Paragon Bank | 3 |
| Hope Credit Union | 1 |
Table: Top 6 Memphis Credit Unions & Banks (Plus 1 to Avoid) | Above list is sorted by rating
Memphis Credit Unions & Banks FAQ | Top 5 Facts You Should Know About Banks & Credit Unions
There are some things you may take for granted when shopping for the banks and credit unions in Memphis, like they’re all FDIC insured. But not so fast… you may be surprised at what you didn’t know.
- Banks can be FDIC insured to guarantee your deposits up to $250,000, but this is NOT a requirement. It’s important to double-check they have this insurance.
- Credit unions are insured differently, but still up to $250,000 per depositor, by the National Credit Union Administration (NCUA).
- The interest earned on a savings account isn’t set in stone. The Federal Reserve rate does influence these rates, but banks in Memphis can adjust it as they see fit.
- You can often find lower loan rates and higher savings/investment rates at a credit union in Memphis, Tennessee because credit unions are not-for-profit.
- Just because you get a mortgage at a bank in Memphis, TN, doesn’t mean it will stay there. Banks often sell servicing of mortgages to other lenders. It doesn’t change any terms of the mortgage, but can free up lending capital for the bank.
All-in-One Change Management Tools
Top Rated Toolkit for Change Managers.
Get Your Change Management Tool Today...
AdvisoryHQ’s Selection Methodology
What methodology does AdvisoryHQ use in selecting and finalizing the credit cards, financial products, firms, services, and products that are ranked on its various top-rated lists?
Please click here “AdvisoryHQ’s Ranking Methodologies” for a detailed review of AdvisoryHQ’s selection methodologies for ranking top-rated credit cards, financial accounts, firms, products, and services.
Detailed Review – Top Ranking Best Credit Unions & Best Banks in Memphis, TN (& 1 to Avoid)
Below, please find a detailed review of each firm on our list of top banks and credit unions in Memphis, Tennessee. We have highlighted some of the factors that allowed each credit union or bank in Memphis, TN to score so highly in our selection ranking
Click on any of the names below to go directly to the review section for that firm.
- First South Financial Credit Union
- First Tennessee Bank
- Orion Federal Credit Union
- Renasant Bank
- Bank of Bartlett
- Paragon Bank
- Hope Credit Union
First South Financial Credit Union Review
This credit union in Memphis, Tennessee serves the entire Mid South TN community. First South Financial Credit Union was started in 1957 and anyone that lives, works, worships or attends school in Dyer, Madison, Shelby, Tipton or Fayette counties in TN or De Soto, Tunica, Tate, and Marshall counties in MS can join.
Below are the features that make the First South Financial Credit Union stand out on this 2018 Ranking of the Best Credit Unions & Banks in Memphis, TN.
First South Financial Credit Union Services at a Glance:
- 7 branch locations in Memphis, TN & surrounding areas
- Ranked by DepositAccounts as a Top 200 Healthiest Credit Union in America
- The first credit union in Tennessee to offer Picture Pay mobile bill payment
- Part of the Love My Credit Union rewards program
- Better Business Bureau A+ rating
Cash Back on Home Equity Lines of Credit
If you’re looking to open a home equity line of credit (HELOC) then First South Financial is one of the credit unions Memphis has with great cashback deal. You can get up to $250 back on a HELOC, with loan limits as high as $500,000.
Rating Summary
First South Financial Credit Union earned a 5 on our Ranking of the Best Memphis Credit Unions and Banks. A big reason for this were their loyal customers. They’ve got great reviews for excellent customer service on sites like DepositAccounts. They also respond diligently to any customer complaints.
This is a Memphis credit union that has a wide range of offerings for both business and personal accounts. They’re definitely up to speed on all the recent mobile and online banking services, which is a big plus for their members.
See Also: Bank of America vs Wells Fargo Home Loan Reviews, Mortgages, & Complaints
First Tennessee Bank Review
One of the older Memphis banks on our list is First Tennessee Bank. It’s been around over 150 years and throughout their history, they’ve stuck to their commitment of financial integrity and helping customers take good care of their money.
Below are the features that make First Tennessee Bank stand out on this 2018 Best Credit Unions & Banks in Memphis, TN.
First Tennessee Bank Highlights at a Glance:
- 35 branch locations in Memphis, TN & surrounding areas
- Recognized by Fortune Magazine as one of the Best Workplaces for Diversity
- Voted as a Best Bank for several years running by the Knoxville News Sentinel & Chattanooga Times Free Press
- Insurance & investment products
- Better Business Bureau A+ rating
Digital Banking Help
If you’ve been wanting to take advantage of mobile and online banking but weren’t sure how to get started, First Tennessee Bank has Digital Delegates to help. You can visit any of their branches to get personal assistance setting up online bill pay, learn how to view your statements, and more.
Rating Summary
First Tennessee Bank earned a top score of 5 on our 2018 Ranking of the Best Banks & Credit Unions in Memphis, Tennessee. They offer by far the most locations in the Memphis area, with 35 local branches, and also go above and beyond to help their customers with any banking needs.
This is also one of the banks or credit unions Memphis offers that is well-liked by the community, earning multiple awards from both local publications and major national ones as well.
Don’t Miss: BMO Harris Bank Reviews -Everything You Need to Know (Credit Card Rewards, Private Banking & Review)
Orion Federal Credit Union Review
Orion Federal Credit Union was founded in Memphis in 1957 and is now one of the largest credit unions in West Tennessee. You can join by either working for one of their member organizations or meeting other residency requirements. They offer a tool on their website to see if you qualify.
Below are the features that make Orion Federal Credit Union stand out on this 2018 Ranking of the Best Credit Unions & Banks in Memphis, TN.
Orion Federal Credit Union Highlights at a Glance:
- 10 branch locations in Memphis, TN & surrounding areas
- Involved in community giving
- Personal and business lending
- Auto loans with as low as 1.79% APR
- Better Business Bureau A+ rating
Premium Checking with 3% Interest
Have you been looking for credit unions in Memphis, Tennessee that give you a decent interest rate on a checking account? You’ll want to take a look at Orion Federal Credit Union’s Premium Checking. You can earn up to $50 a month in interest, get a 3% APR on your balance, and get other perks like free checks and cashback rewards.
Rating Summary
Orion Federal Credit Union earned a 5 rating in our 2018 Ranking of the top Memphis Credit Unions and Banks. They’ve got a very inviting and easy to navigate the website and high marks when it comes to great offers on both low-interest loans and high-interest checking/savings accounts.
If you like a Memphis credit union that gives back to their community, then they’re a top pick for you. Each month they select a local non-profit and provide them support to meet their charitable goals.
Related: FirstBank Ranking & Review
Renasant Bank Review
Renasant Bank is one of the South’s leading financial institutions, having grown from humble beginnings in 1904. This Memphis bank was started in an old Lee County, MS bakery and now has over 175 banking, lending, and financial service offices.
Below are the features that make Renasant Bank stand out on this 2018 Best Credit Unions & Banks in Memphis, TN.
Renasant Bank Highlights at a Glance:
- 10 branch locations in Memphis, TN & surrounding areas
- Recognized with a Corporate Giving Award by Nashville Business Journal
- Community empowerment program
- Wealth management & trust services
- Better Business Bureau A+ rating
Checking Accounts to Fit Everyone
Are you tired of having only two or three checking account types to pick from at other banks or credit unions in Memphis, Tennessee? Then you’ll love all the options you get at Renasant Bank. You can choose from one of six different checking accounts, such as Choice Rate Checking and 62+ Interest Checking.
Rating Summary
Renasant Bank scored a perfect 5 in our best Memphis credit unions and banks ranking. They have a rich history of serving customers throughout Mississippi, Alabama, Tennessee, Georgia and Florida. They’re a great regional bank choice if you’re looking for banks in Memphis, Tennessee that are a little larger.
Their banking products and services are also quite robust. Besides the many checking or savings accounts, you can also find insurance, investment, loans, and much more at this bank in Memphis, TN.
Popular Article: Home Savings and Loan Company of Youngstown, OH Ranking & Review
Bank of Bartlett Review
The Bank of Bartlett began in 1980 less than 20 miles from Memphis. It’s grown to one of the largest community banks in the Memphis, TN area. A subsidiary, Bartlett Mortgage, was opened just three years later to help people realize their dreams of homeownership.
Below are the features that make Bank of Bartlett stand out on this 2018 Ranking of the Best Credit Unions & Banks in Memphis, TN.
Bank of Bartlett Highlights at a Glance:
- 8 branch locations in Memphis, TN & surrounding areas
- Contributes to Habitat for Humanity and other local charities
- Remote deposits for businesses
- ATMs in every Walgreens in Shelby County
- Better Business Bureau A+ rating
Banking Convenience
It’s hard to find another bank in Memphis, TN with an ATM on nearly every corner. Their partnership with Walgreens drug stores means just that. You’ll find a Bank of Bartlett ATM in every Walgreens in Shelby County and in over 350 stores throughout the state of Tennessee.
Rating Summary
Bank of Bartlett scored a 3 in our Ranking of the Best Banks in Memphis, TN. They offer a ton of convenience to those that live in the greater Memphis area along with customer service that has that personal “hometown” touch.
We would like to see an update to their website to make it easier for today’s internet-based users to find the information they need. That could easily bump this bank in Memphis up a few notches in a future ranking.
If you’re looking for convenience in a local community bank, then this is definitely one of the Memphis banks you’ll want to consider.
Read More: Kinecta Federal Credit Union (Ranking & Review)
Free Wealth & Finance Software - Get Yours Now ►
Paragon Bank Review
The folks at Paragon Bank say they’re different and that banking with them is like banking with a neighbor you can trust. They’re fairly young, being founded in 2004, but they have a commitment to stay rooted in Memphis and make life better in the communities they serve.
Below are the features that make Paragon Bank stand out on this 2018 best credit unions & best banks in Memphis, TN ranking.
Paragon Bank Highlights at a Glance:
- 5 branch locations in Memphis, TN & surrounding areas
- Named one of the Best Places to Work by Memphis Business Journal
- They support local charitable organizations
- Personal, business, and private client banking
- Better Business Bureau A+ rating
Business Solutions for Growth
If you’re a small or medium business and want to find a bank in Memphis, TN that will have your best interests at heart, then Paragon is one to consider. They have multiple banking tools for businesses including cash management solutions, payroll solutions, and insurance and lending options.
Rating Summary
We ranked Paragon Bank a high 3 on our list. They’re definitely one of the top banks in Memphis, Tennessee, but we’d like to see a little more of a track record, due to their youth, before moving them higher.
They absolutely come across as one of the banks in Memphis that is rooted in the community and wants their clients to think of them as friends. Their website gives that very feeling of being there for you without being too pushy.
Related: Memorial Credit Union (Review & Ranking)
Hope Credit Union Review
Now, it’s time to reveal which of the Memphis credit union or banks is the one we recommend staying away from until they improve in a few areas. Hope Credit Union, unfortunately, earned that spot due to poor reviews on multiple sites.
Below are some improvements we feel would help Hope Credit Union advance their reputation and get a chance at a better spot on a future best banks in Memphis, TN list.
Watch Out for Those ATM Fees
A complaint that we saw from unhappy customers of this credit union in Memphis, Tennessee was $5 ATM fees that added up fast. We suggest they follow the path of many other Memphis credit unions and banks by allowing free or lower-cost ATM use at their own and others’ machines.
Increase Online Banking Security
Reviewers also noted poor security when using online banking at Hope Credit Union. After having their account hacked, a customer found no relief with the customer service department whatsoever.
Rating Summary
Hope Credit Union is scored a 1 on our ranking due to their status as one of the credit unions or banks in Memphis, Tennessee to steer clear of for now. They have some serious customer service issues that need to be addressed, and once that is done, we’d consider revisiting their rating.
To be competitive, many Memphis credit unions and banks have worked to eliminate or greatly reduce fees that chip away at customer balances. We suggest that Hope Credit Union take a serious look at doing that as well if they want to compete with other local banks in Memphis, Tennessee.
Don’t Miss: NewBridge Bank Ranking & Review
Conclusion – Top 6 Memphis Credit Unions & Banks that Treat You Right (& the 1 to Avoid)
There’s no lack of personality in the city known for great music and a world-famous barbecue. You’ll find that the credit unions and banks in Memphis, Tennessee also have their own style and flavor.
This means you have some of the best options in the country to find the Memphis credit union or bank that fits your personality and lifestyle perfectly.
Whether you like an understated bank with excellent business banking and wealth management services or one that offers the best cashback deals on your personal checking account, you won’t be disappointed.
Check out these Top 6 Best Banks in Memphis, TN and see what your finances may have been missing out on all this time.
Popular Article: Old Line Bank Ranking & Review
Rate Table Disclaimer
Click here to read AdvisoryHQ’s disclaimer on the rate table(s) displayed on this page.
Image sources:
- https://pixabay.com/en/memphis-outdoors-scenery-monument-687893/
- https://pixabay.com/en/memphis-tennessee-graceland-95568/
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.
